Have you been stung by Pension Bee?

Dazed_and_C0nfused

Rtayl306 said:

Who on here is with pensionbee & seen there pots be decimated by these clowns, they have threatened me that I have been abusive towards them, well to see FOURTEEN GRAND wiped off my pension pot is nothing to laugh at, truth hurts doesn't it pensionbee.  Time something was done to stop this.

Who chose the investments within the Pensionbee wrapper?

You?

p00hsticks

Rtayl306 said:

Who on here is with pensionbee & seen there pots be decimated by these clowns, they have threatened me that I have been abusive towards them, well to see FOURTEEN GRAND wiped off my pension pot is nothing to laugh at, truth hurts doesn't it pensionbee.  Time something was done to stop this.

How much does £14k represent in terms of a percentage of your pot, how long have you been invested, what are you invested in and who picked those investments ?,

arnoldy

"During the last six months my pension pot has shrunk from over £70,000 to £59,000."

Bearing in mind the FTSE100 index has increased by 3% (probably >5% with the dividends) over the last 6 months your low-risk plan has not been very good. But there is nothing you can do about it.

The financial companies will respond with very passive and soothing language "investments environment was difficult (NOT we put your money in the wrong places)".

Morral of story? DIY, no point in paying 1-2% for failure (virtually all the studies show these companies do not beat the market). I find it interesting to look at the expensive HQs of these companies - usually somewhat lavish buildings in central London, never portacabins in Stoke on Trent.

Lavish building come stuffed with lavish salaries for the suits and skirts - all paid for by you!

Krakkkers

In fairness to the OP these are supposed to be professional and should be active in the market, if the market is declining should they not sell or short? The only time i have lost in the market is when i give my money to someone else to invest.

newatc

For what it's worth, I am not a very knowledgable DIY investor but my cautious invested SIPP has fallen by 9% this year to date. 

Prism

Krakkkers said:

In fairness to the OP these are supposed to be professional and should be active in the market, if the market is declining should they not sell or short? The only time i have lost in the market is when i give my money to someone else to invest.

.Not at all. Pension Bee is a platform that holds a few funds - that's all. Its not their job to read the market and certainly not to sell or go short on anything.

A_T

The received wisdom of the least 40 years has been that investment grade bonds are low risk and the industry does not seem to have fallen foul of any rule by advertising them as such - and indeed unashamedly continue to do so. Which really isn't helpful when your UK Investment Grade Bond fund has dropped 20% in the last 12 months.

dunstonh

It's  was a full moon when these posts were written.   I think it shows.

Marcon

arnoldy said:

"During the last six months my pension pot has shrunk from over £70,000 to £59,000."

Bearing in mind the FTSE100 index has increased by 3% (probably >5% with the dividends) over the last 6 months your low-risk plan has not been very good. But there is nothing you can do about it.

The financial companies will respond with very passive and soothing language "investments environment was difficult (NOT we put your money in the wrong places)".

Or: 'you chose to put your money in the wrong funds and didn't understand what you had chosen - if indeed you took any action to choose a fund rather than going for the default option'. 

Nurse2047

I have a small pension pot with PensionBee as yes mine is also down as it was previously however I accept that as it’s the same with those funds I have in my s&s isa with another provider. 

PensionBee have always been great in getting back to me if I have questions etc however end of day you choose which basket of funds to purchase and invest in.